Budget focus on agriculture, rural; income tax rates, slabs unchanged

Agencies
February 1, 2018

New Delhi, Feb 1: A slew of measures for the agriculture and rural sectors, a new health insurance scheme for the poor and some relief in income tax for the salaried class and senior citizens, were announced by Finance Minister Arun Jaitley today in the last full budget before the general elections.

Presenting his fifth straight budget in the Lok Sabha, Jaitley raised the health and education cess, levied on all taxable income, to 4 percent from current 3 percent, and introduced a social welfare surcharge of 10 percent to fund social welfare schemes.

He lowered the corporate tax for small, micro and medium enterprises with a turnover of up to Rs 250 crore to 25 percent from current 30 percent while reintroducing the tax on long-term capital gains of over Rs 1 lakh made from the sale of shares.

While keeping the income tax rates and slabs unchanged, Jaitley introduced a Rs 40,000 Standard Deduction for salaried employees and pensioners in lieu of transport and medical expenses.

For senior citizens, exemption of interest income on bank deposits was raised to Rs 50,000 from the current Rs 10,000, he said, adding that tax will not be deducted at source on fixed deposits.

Also, exemption on medical expenses on critical illness has been raised to Rs 1 lakh, he said in his 110-minute speech.

Jaitley said a 10 percent tax long on capital gains exceeding Rs 1 lakh made from the sale of shares has been introduced but those made till January 31 would be grandfathered.

A 10 percent tax on distributed income by equity-oriented mutual funds has also been proposed in the budget.

With excise duty and service tax being subsumed in the Goods and Services Tax (GST), Jaitley made changes only in customs duty -- raising them in case of mobile phones and lowering for raw cashew.

Stating that the focus of the government in the coming fiscal would be agriculture and rural India, the Finance Minister announced that all Kharif crop would be paid a minimum support price (MSP) that is 50 percent more than the cost of production.

He announced that credit to agriculture would be raised to Rs 11 lakh crore in the coming fiscal from Rs 10 lakh crore.

Kisan credit card will be extended to fisheries and animal husbandry farmers while Rs 2,000 crore provided for the development of agriculture market.

In a bid to provide universal healthcare, he announced a 'National Health Protection scheme' to provide health cover of up to Rs 5 lakh to each of the 10 crore poor families per year.

But to fund these, he let go of the fiscal consolidation roadmap. As a result, the fiscal deficit for current fiscal will widen to 3.5 percent of the GDP as against 3.2 percent previously targeted, and to 3.3 percent in FY'19 as opposed to 3 percent previously targeted.

Fiscal deficit in 2016-17 was 3.5 percent of the GDP.

"We have worked sincerely without thinking about the political cost," he said.

Jaitley also announced 100 percent tax deduction for farm producer firms with Rs 100 crore turnover. The standard deduction allowed will benefit 2.5 crore people.

The target for providing free LPG connection to poor has been raised to 8 crores from 5 crores and 4 crore poor households will be provided free electricity connections.

President's emoluments have been raised to Rs 5 lakh per month and that of Vice President to Rs 4 lakh and Governors to Rs 3.5 lakh a month.

For members of parliament, he announced a new law that would allow for an automatic revision in their emoluments every five years based on inflation.

He said the focus will be on the agricultre sector, infrastructure and education sector as he promised to provide education holistically without segmentation from pre-nursery to Class-12 and move from blackboard to digital board.

The emphasis would be on generating higher income for farmers. Our government wants to help farmers produce more and realise higher prices, Jaitley said.

Stating that crop production is at record high, Jaitley said the government is committed to giving 50 percent more than cost of crop production to farmers.

He said when the NDA government took over, India was considered one of the fragile five economies of the world and the Modi-led Government have reversed it. "India is today fastest growing economy... India is today a USD 2.5 trillion economy and will become fifth largest economy in the world from the present seventh largest," he said, projecting exports growth at 15 percent. In the second half (October-March) the growth is expected to be 7.2-7.5 percent and firmly on path to achieve 8 percent growth.

Stating that air pollution in Delhi NCR is a cause for concern, he said the Centre will implement special scheme to support state Governments of Haryana, Punjab, UP and Delhi NCT to address it and subsidise machinery for management of crop residue. The Budget announced allocation of Rs 600 crore towards nutritional support of tuberculosis patients and setting up of 24 new medical colleges and hospitals by upgrading district level ones. The Government is slowly but steadily progressing towards universal health coverage and total budget for health, education and social security has been increased to Rs 1.38 lakh crore for 2018-19 from Rs 1.22 lakh crore in current fiscal. Stating that Rs 4.6 lakh crore has been sanctioned under MUDRA Scheme, he said government will soon announce scheme to address the issue of Non-Performing Assets in MSME sector.

Mass formalisation of MSME sector is happening after demonetisation and GST and the target for loan disbursement under Mudra scheme has been set at Rs 3 lakh crore for next fiscal. Employees PF Act will be amended to reduce contribution of women to 8 percent from 12 percent for first three years, with no change in employer's contribution, Jaitley said. The Government will contribute 12 percent of wages of new employees in EPF for all sectors for the next 3 years, he said. He said Rs 50 lakh crore is needed for infrastructure building and Government will allocate Rs 7,140 crore for textiles sector in next year National Highways exceeding 9,000-km will be completed in 2018-19 and allocation of over Rs 1.48 lakh crore has been planned for railways.

Regional air connectivity scheme shall connect 56 unserved airports and 31 unserved helipads and Government will expand capacity of airports by five times to cate to one billion trips a year.

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News Network
November 18,2024

Advisors to US President-elect Donald Trump have instructed his allies and associates to refrain from using the inflammatory language they previously employed when discussing issues related to migrants and the deportation of asylum seekers, in a bid to avoid “looking like Nazis.”

US media reports said that Trump’s associates had been asked to stop using the word “camps” to describe potential facilities that would be used to accommodate migrants rounded up in deportation operations across the country.

The reports said the US president-elect’s allies had been ordered to stave off such charged terms as they would bring to mind “Nazis,” and be used against Trump.

“I have received some guidance to avoid terms, like ‘camps,’ that can be twisted and used against the president, yes,” one Trump ally told American monthly magazine Rolling Stone.

“Apparently, some people think it makes us look like Nazis.”

The presidential advisers also cautioned surrogates and allies to keep racist terms, which have dogged Trump’s campaign, out of their remarks.

They said with Trump’s heated rhetoric that used to compare undocumented immigrants to “animals” and his slight that they are “poisoning the blood of our country,” detractors did not need to reach too far to find parallels to Nazi Germany.

Stephen Miller, who Trump tapped to be his deputy chief of staff of policy, specifically used the word “camps” to describe holding facilities that he hoped the military could put together for immigrants.

Tom Homan, who served as the acting director of Immigration and Customs Enforcement and is chosen by Trump to be in charge of the US borders, was no stranger to such language.

“It’s not gonna be a mass sweep of neighborhoods,” he said in an interview earlier this week. “It’s not gonna be building concentration camps. I’ve read it all. It’s ridiculous.”

Becoming a little more forthright about the new government’s aggressive deportation plans, Homan likened the early days of the Trump administration to the initial invasion of Iraq in 2003.

“I got three words for them – shock and awe,” he said. “You’re going to see us take this country back.”

Trump made immigration a central element of his 2024 presidential campaign but unlike his first run, which was mainly focused on building a border wall, he has shifted his attention to interior enforcement and the removal of undocumented immigrants already in the United States.

People close to the US president and his aides are laying the groundwork for expanding detention facilities to fulfill his mass deportation campaign promise.

The businessman-turned-politician deported more than 1.5 million people during his first term.

The figure do not include the millions of people turned away at the border under a Covid-era policy enacted by Trump and used during most of Biden’s term.

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News Network
November 21,2024

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The International Criminal Court (ICC) has issued arrest warrants for Israeli prime minister Benjamin Netanyahu and his former minister of military affairs Yoav Gallant over war crimes against Palestinians in the Gaza Strip.

The court’s Pre-Trial Chamber I issued warrants of arrest for Netanyahu and Gallant "for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest”, it confirmed in a statement Thursday.

It is the first instance in the court's 22-year history it has issued arrest warrants for Western-allied senior officials.

In its statement, the ICC's Pre-Trial Chamber I, a panel of three judges, said it has rejected appeals by Israel challenging its jurisdiction. 

The chamber said it has decided to release the arrest warrants because "conduct similar to that addressed in the warrant of arrest appears to be ongoing", referring to Israel's ongoing onslaught on Gaza.

Netanyahu and Gallant, it said, “each bear criminal responsibility” for “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts,” as well as “intentionally directing an attack against the civilian population.”

All 124 states that signed the Rome Statute, the treaty that established the court, are now under an obligation to arrest the wanted individuals and hand them over to the ICC in the Hague. 

The court relies on the cooperation of member states to arrest and surrender suspects. The Netherlands' foreign minister quickly said his country was prepared to enforce the warrants while 93 nations earlier reiterated their support for the ICC.

Triestino Mariniello, a lawyer representing Palestinian victims at the ICC, called the warrants "a historic decision".

He noted that the court had endured "pressure and threats of sanctions" from the US government, but acted nonetheless.

As expected, the Tel Aviv regime rejected the rulings, with its security minister Itamar Ben Gvir calling the warrants “anti-Semitic through and through.”

The ICC said Israel’s acceptance of the court’s jurisdiction was not required.

Israel and its major ally, the United States, are not members of the court. 

Israel unleashed its bloody Gaza onslaught on October 7, 2023. So far, it has killed at least 43,985 Palestinians, mostly women and children, and injured 104,092 others, according to the Gaza Health Ministry.

Israel faces an ongoing South Africa-led genocide case at the International Court of Justice (ICJ).

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News Network
November 13,2024

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Bengaluru: An estimated overall 10.14 per cent voter turnout was recorded during the first two hours, since the voting began for bypolls to three Assembly segments in Karnataka on Wednesday, election officials said.

The voting began at 7 am and will go on till 6 pm.

More than seven lakh voters are eligible to cast their votes in about 770 polling stations in Shiggaon, Sandur and Channapatna, where a total of 45 candidates are in the fray.

While Channapatna recorded 10.34 per cent voter turnout till 9 am, it was 10.08 per cent in Shiggaon, and 9.99 per cent in Sandur, election officials said.

Voters, including women and elderly were seen queuing up in front of polling booths in these segments.

By-polls for Sandur, Shiggaon, and Channapatna are necessitated, as the seats fell vacant following the election of their respective representatives -- E Tukaram of Congress, former CM Basavaraj Bommai of BJP, and Union Minister H D Kumaraswamy of JD(S) -- to Lok Sabha in May elections.

As many as 31 candidates are in the fray from Channapatna, while Sandur and Shiggaon have six and eight contenders, respectively.

Elaborate security arrangements have been made in the three segments for the smooth conduct of the polls.

The by-polls will witness a straight fight between the ruling Congress and BJP in Sandur and Shiggaon segments, while in Channapatna, JD(S) which is part of the NDA alliance is in contest against the grand old party.

Among the three segments, Channapatna is considered to be a "high profile", where the contest is between C P Yogeeshwara, a five time MLA from the segment and former Minister, who joined the Congress quitting BJP ahead of nomination, and actor-turned -politician Nikhil Kumaraswamy, who is Kumaraswamy’s son and former PM H D Deve Gowda's grandson.

BJP's Bharath Bommai, son of Basavaraj Bommai, is fighting Congress Yasir Ahmed Khan Pathan, who had faced defeat against the former Chief Minister in the 2023 Assembly polls, in Shiggaon.

Bharath Bommai and his father cast their vote at a polling booth in Shiggaon segment.

In Sandur, Bellary MP Tukaram's wife E Annapurna of Congress is contesting from the seat vacated by her husband, against, BJP ST Morcha president Bangaru Hanumanthu, who is considered close to party leader and former mining barron G Janardhan Reddy.

Annapurna, Tukaram and other family members cast their votes at a booth in the segment.

With Nikhil Kumaraswamy and Bharath Bommai contesting, the third generation of Gowda and Bommai families are in the fray in this by-poll. Both their fathers and grandfathers have served as Karnataka's Chief Ministers in the past.

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